This is a brief rundown on costs that could be associated with a refinance loan in Wake County, NC:
- Application Fee - A fee charged by the lender to process the loan application.
- Appraisal Fee - This determines the current value of your home.
- Credit Report - The fee the lender charges to pull your credit report.
- Title Search and Title Insurance - You may be able to get your current title company to reissue a new policy and save money in this area.
- Loan Origination Fee - A fee the borrower pays the lender to underwrite the loan. Usually expressed in the form of points.
- Discount Points - One point is equal to one percent of the loan amount. You may want to pay discount points to secure a lower interest rate when refinancing or purchasing.
- Miscellaneous Fees -. Private mortgage Insurance (PMI), document preparation fees, notary fees and tax service fees may also fall under this category.
There may be no-cost and low-cost refinance loans available, and some or all of the fees and closing costs may be waived,based on loan type.
Call me directly for a free consultation in Wake County, NC.